HomeHome SearchSearch MenuMenu Our productsOur products

To reconcile income tax on your IT14SD form, use these three steps

by , 22 October 2014
If SARS tells you to complete a Supplementary Declaration (IT14SD) form, it wants you to verify all the information you put on your IT14.

It does this because you made a mistake on your original tax return submission and you can't afford to do that on the IT14SD. If you do, it WILL trigger a SARS audit.

That's why you need to be extra careful when you reconcile your income tax on your IT14SD.

Follow these three steps to do this reconciliation correctly...

 

Correctly reconcile IT14SD target="_blank" class="contextual_links">IT14SD income tax with these three steps 

 
Step #1: Indicate if you're reflecting a profit or a loss by selecting the appropriate box. Then insert the amount reflected in the relevant return against code 4532 (Accounting Profit or Loss).
 
*********** Hot off the press  ************
 
Get the Practical Tax Loose Leaf on your computer
 
Click here to enjoy the convenience of being able to access the Digital Practical Tax Handbook anywhere
 
*************************************
 
Step #2: If you're reflecting a profit or a loss, insert the letter X. Then insert the amount of either the profit or the loss, set out in the appropriate IT14 under 'Amounts to be included in the determination of the taxable income'. Fill in either field 1 or field 2. Not both.
 
Step #3: This amount should reflect the positive difference between these two amounts. If the return reflects an accounting profit and a calculated profit or an accounting loss and a calculated loss, calculate the difference by subtracting these amounts from each other.
 
But, if the return reflects an accounting profit and a calculated loss, or an accounting loss and a calculated profit, add these two amounts to calculate the difference.
 
There are eight more steps you need to follow. You can find these steps in How to Complete Your IT14SD Form. It contains everything you need to know about completing your IT14SD correctly.
 

Vote article

To reconcile income tax on your IT14SD form, use these three steps
Rating:
Note: 5 of 1 vote


Related articles




Related articles



Related Products